Brendan Guilfoyle has pleaded with any further would-be investors to come forward and help save the Bulls after admitting that administration is looming.

In excess of £1million is needed to safeguard the Bulls’ future until the end of the season, with HM Revenue & Customs having served a winding-up petition earlier this month over unpaid tax.

It is understood the club currently owes £98,000 in PAYE tax from May and the same amount for June, plus an outstanding VAT bill of £250,000 from the sale of the Odsal lease to the RFL, while the monthly wage bill is over £200,000.

The Bulls last week filed a notice of intention to enter administration, giving them a fortnight’s grace to complete negotiations with potential investors, who are believed to have put £800,000 on the table.

But that investment is dependent on the club raising another £400,000 and hitting the £1.2million mark that would allow them to move forward into next season, for which a vastly-reduced budget has been drawn up.

Guilfoyle, an insolvency expert and partner in the P&A Group who conducted the independent financial review of the Bulls, told the T&A: “The Bulls are on the brink of administration unless further investors/purchasers come forward and rescue the club.

“Chris Caisley and his shareholders have been characterised as riding in with a load of money but more still is needed to take it to over £1million and the clock is ticking.

“We’ve got people willing to do sponsorship deals and help the club on the other side of a rescue package.

“But we need that goodwill translating into firm proposals to inject money into the club right now.

“If you’ve got any money, care about the Bulls and the impact it has on people who live and work in Bradford, then come forward.

“There is an opportunity here to acquire an iconic sporting brand.

“In many ways, 2013 is the promised land. The losses are left behind, you can keep the best young players and still have a competitive team – but the challenge is getting there.”

Leeds-based Guilfoyle, who has worked on the financial crises involving Crystal Palace, Plymouth, Luton Town and Leeds United, would be the administrator if the club are forced into administration.

He said the Bulls’ budget for next year would incur severe cost-cutting but involve retaining their best young players and reducing losses drastically.

“The club budgeted to lose £1.2million this year,” he said.

“Next season, they can rejig the playing squad and try and build a new, cheaper squad around the young talent they’ve got to vastly reduce the wage bill.

“If the administration process is put in place, then this may give an opportunity for the clubs to reduce the number of clubs in Super League down to 12, which would leave Bradford very vulnerable.”

Former chairman Peter Hood criticised the club’s decision to pay player and staff wages ahead of monies owed to the taxman since his departure.

But Guilfoyle said: “I advised Ryan Duckett to make the payments that were essential to the club as a going concern.

“Clearly, you must pay wages because if you don’t then your players become free agents and you’re not holding the Bradford Bulls together as a going concern.

“Like I say, I can absolutely assure you that the directors are working hard to avoid administration, but if it happens then there will be a full investigation into the conduct of directors over the last three years.”